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Mitigation in a risk management context focuses on reducing both the probability of a risk occurring and its potential impact if it does occur. Effective mitigation strategies involve identifying potential risks and implementing measures designed to lessen their severity or likelihood. This could include planning, carrying out preventive measures, and allocating resources to manage the risks more effectively. By concentrating on reduction, organizations can operate with greater confidence, knowing that they have taken steps to limit adverse effects on their objectives or projects.

Other options such as transferring risks to another party, avoiding the risks altogether, or accepting the risk's potential impacts represent different approaches to risk management. Transference typically involves sharing the risk, often through insurance or outsourcing, whereas avoidance seeks to eliminate the risk entirely. Acceptance, on the other hand, involves recognizing the risk but choosing not to take any action unless it becomes a reality. Each option serves a specific purpose within an overall risk management strategy, but mitigation specifically targets the reduction of risks.